Monetarymusings: January 2010

Watch DOW and S&P charts

On Friday I entered a position in PMCS and saw it break supports and head lower before rebounding at the end of the day. I then pulled up the DOW chart and saw that it mirrored DOW minute by minute. The entry was impulsive and fortunately I am not a huge amount with such lazy entry. My charts were not set up and I didn't follow any method but just took a position.
In hindsight it would have been better to watch the DOW and figure the day's trend and either stay out or short when it was going down instead of blindly jumping in when most of the stocks in my watch list were heading down.

trading blues

The past few days I haven't been on the ball. Slept late one night and the next morning and the day after that I could not be active and focused. I let trades get away from me. Expecting too much from a day (RPRX), not covering optimally (BLC), and not setting a good exit today (EK). Looks like I need to take a break for a few days and then be back. For now I am holding RPRX which is down 20%. Exited BLC sub-optimally, and looking to exit EK by EOD.

Charts

Notes: A good stock that moved up on a down day for the DOW. Should have re-entered the position.

Follow up: Look for a short opportunity.

Notes: ISR was a day trade. Did not take the full run up of the trade but the intra-day movement was choppy so decided to exit with a 20 cent gain.

Follow up: Need to keep on watchlist for consolidation and move up.

Notes: I did not follow after my exit. The candles on the next two days were not convincing.

Follow up:However, it took off on the 14th for a good run. Opportunity for a short at 13.5.